Earlier today, CNBC’s Jim Cramer decided to comment on Bitcoin’s recent price action.
Former hedge fund manager Jim Cramer is the host of the CNBC show “Mad Money w/ Jim Cramer. “ He is also a co-anchor of CNBC’s “Squawk on the Street, “as well as a co-founder of financial news website TheStreet. His career in finance includes managing his own hedge fund and several years at Goldman Sachs. Cramer’s approach to investing and his energetic TV persona have made him a notable figure in financial media.
On 22 January 2024, with Bitcoin trying hard not to drop below the $40,000 level, Cramer took to social media platform X to comment on the recent Bitcoin price correction, which started on the day that shares of 11 recently SEC-approved spot Bitcoin ETFs started trading.
What is interesting is that although the crypto community frequently mocks Cramer’s calls on Bitcoin, it looks like in the case of the launch of spot Bitcoin ETFs in the U.S., he may have been right about this being a “sell-the-news” kind of event.
At the time of writing, Bitcoin is trading at around $40,316, down 0.1% in the past 24-hour period. As you can see in the price chart below, on January 11, the BTC price got as high as $48,733, which means that in the past 10 days or so since the launch of the new spot Bitcoin ETFs, Bitcoin has had a 17.27% price correction.
On January 2, during a conversation on CNBC’s “Squawk on the Street,” with Bitcoin trading at $45,658, Cramer told co-host David Faber that the calmness in the market had driven Bitcoin’s rally to this level following the collapse of FTX (i.e., a bad actor being driven out of the crypto space) and the optimism over the potential approval of spot Bitcoin ETFs by the U.S. SEC.
He added:
“It could be a ‘Waiting for Godot’… no, there will be an ETF. I do think that the people who are in it for that are going to use that as a chance to sell. This thing is, you can’t kill it. And the late Charlie Munger, who was so brilliant on so many things, was blind to this … but look, I mean, it’s a reality, and it’s a technological marvel. And I think people have to start recognizing that it’s here to stay. The SEC has been against it almost the whole time … I do think that this is a remarkable comeback that was unexpected, except for all the bull who turned out to be right.“
